Economics

3. An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
5. The extra benefit of adding one unit
7. Goods produced domestically and sold to foreigners.
9. A graph that describes the maximum amount of one good that can be produced for every possible level of production of the other good.
10. The cost of producing one more unit of a good.
12. A business made up of two or more people.
13. A maximum price that can be charged for a product.
19. Consumers want more of a good or service than producers are willing to make.
20. Any change will cause a shift of the entire demand curve.
22. The most desirable alternative given up as the result of a decision.
23. The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
24. A minimum price for a good or service.
25. An economy in which production, investment, prices, and incomes are determined centrally by a government.

1. Quality of life based on ownership of necessities and luxuries that make life easier.
2. Anything in its natural state - oil, natural gas, coal, trees.
4. The claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises
6. All resources used causes an increase of 1 good that leads to greater forgone production of another good.
8. A business owned by stockholders.
11. A business owned by one person.
14. Goods produced abroad and sold domestically.
15. An economy in which goods and services are produced the way it has always been done.
16. Price at which consumers and producers agree.
17. Machinery used in production.
18. Limited resources
19. Shortages may be temporary or longterm whereas scarcity always exists.
21. An increase in the amount of goods and services produced per head of the population over a period of time.